iStar Financial (STAR) Tops Q2 EPS by 15c

iStar Financial (NYSE: STAR) reported Q2 EPS of ($0.04), $0.15 better than the analyst estimate of ($0.19).

Highlights include:

• Growing intrinsic value of Safehold portfolio as interest rates decline
• Continued recycling of legacy assets into lower risk investments
• Strong balance sheet with approximately $422 million of current cash and revolver availability
• Net income (loss) of ($0.31) per diluted common share
• Adjusted earnings (loss) of ($0.04) per diluted common share
• Subsequent to the end of the quarter, the Board of Directors authorized the repurchase of iStar common stock up to $50 million

In addition, iStar has appointed David Eisenberg to the company's Board of Directors effective as of August 3, 2020. Mr. Eisenberg is the Founder and Managing Director of Zigg Capital, a venture capital fund focused on the real estate and construction industries. Mr. Eisenberg has been investing for the past decade in companies that provide novel software or hardware solutions to these industries or which create new uses of space. Previously, he served as the Global Senior Vice President of Technology of CBRE Group. He joined CBRE as a result of CBRE's acquisition of Floored, a technology company founded by Mr. Eisenberg which he led as its Chief Executive Officer from June 2012 to January 2017. Earlier in Mr. Eisenberg's career, he was a founding team member of two other retail technology businesses, TellApart (subsequently acquired by Twitter) and Bonobos (subsequently acquired by Walmart). Mr. Eisenberg is a graduate of Harvard University with a BA in Psychology.

"iStar remains well-positioned to navigate these uncertain markets. With ample cash availability, no corporate debt maturities for two years and a largely unencumbered asset base, we have been able to continue to focus on our core mission to reinvent the ground lease sector," said Jay Sugarman, Chairman and Chief Executive Officer. "We are also excited to add David Eisenberg to the Board and believe he will bring a new perspective and significant insights to the Company."

For earnings history and earnings-related data on iStar Financial (STAR) click here.

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